Shurgard - Storing growth for the future
In this report, we update our estimates post-Q3 results and include the impact of the ABB, here are the highlights:Impact of the EUR 300m ABB (+9.2% shares)Stronger balance sheet. LTV now around 13.5% for FY23e & ND/EBITDA below 3.0x (vs. 19.9% & 4.2x resp. previously).Low NTA dilution. ABB was at a 12% discount to latest EPRA NTA (accounting for interim dividend). However, the dilution impact was only -1.1%.Dilution impact on EPS is more important (see below for more details).We expect smaller sized M&A from the proceeds in Q1 2024 (ca. EUR 190m).Adjusted FY23e & FY24e estimates post Q3 resultsLower salesShurgard Self Storage SA, formerly known as Shurgard Self Storage Europe SARL, is a Luxembourg-based company, which serves as a provider of warehousing and self-storage services. The Company operates a number of self-storage facilities in Europe with over 200 self-storage centers. Shurgard's activity is organized around two areas: leasing of storage spaces for companies and individuals and other related services. Additionally, the Company also offers self-storage insurance specially designed for its clients. Apart from the Luxembourg, the Company also operates in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark. The company is partly owned by Public Storage, an owner and operator of self-storage facilities with a range of stores in the United States.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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